Spotify Technology (NYSE:SPOT) Given Accumulate Rating at Phillip Securities

Phillip Securities reaffirmed their accumulate rating on shares of Spotify Technology (NYSE:SPOT) in a research report released on Wednesday,Benzinga reports. The brokerage currently has a $485.00 price target on the stock, up from their previous price target of $420.00.

A number of other research firms also recently issued reports on SPOT. DZ Bank upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price objective on the stock in a report on Wednesday, July 24th. TD Cowen boosted their price target on shares of Spotify Technology from $273.00 to $356.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Pivotal Research raised their price objective on Spotify Technology from $460.00 to $510.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Rosenblatt Securities upped their target price on Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, KeyCorp raised their price target on Spotify Technology from $440.00 to $490.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $421.69.

Spotify Technology Trading Down 4.0 %

SPOT opened at $458.32 on Wednesday. The stock has a market capitalization of $91.23 billion, a P/E ratio of 124.54 and a beta of 1.56. Spotify Technology has a 12 month low of $170.62 and a 12 month high of $489.69. The firm’s fifty day simple moving average is $378.15 and its 200 day simple moving average is $338.24.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 earnings per share. On average, equities research analysts predict that Spotify Technology will post 6.09 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GQG Partners LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB bought a new stake in Spotify Technology in the first quarter valued at approximately $198,663,000. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

About Spotify Technology

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.